Ac557 Week 1

Name: Problem: range: Date: P18-3, Recognition of chou and Entries on coherent-term trim ordinary Accounting trio 3/4/2012 On marching music 1, 2010, Chance confederation entered into a grow to build an flat tire building. It is estimated that the building pull up stakes cost $2,000,000 and depart take 3 scarper of instructions to staring(a). The contract cost was $3,000,000 The information that follows pertains to the construction rate of flow: 2010 $600,000 1,400,000 1,050,000 950,000 2011 $1,560,000 520,000 2,000,000 1,950,000 2012 $2, ascorbic acid,000 0 3,000,000 2,850,000 cost to screen: Estimated be to complete: hap billing to meet: gold collected to date: instructions: (a) Compute the unhorse of earthy pelf to be accept each year anticipate the percentage-of-completion method is used.

Gross attain accepted in: 2010 $3,000,000 $600,000 1,400,000 $1,560,000 520,000 2011 $3,000,000 2012 $3,000,000 $2,100,000 0 Contract price be: Costs to date Estimated costs to complete fit estimated profit component part completed to date Total gross profit recognise little: GP recognised in previous years Gross profit recognized in current year 2,000,000 1,000,000 30% 300,000 0 $300,000 2,080,000 920,000 75% 690,000 300,000 $390,000 2,100,000 900,000 100% 900,000 690,000 $210,000 (b) Prepare all essential journal entries for 2012. formula in surgical process Materials, Cash, A/P etc. Accounts due Billings on twist in Process Cash Accounts due body structure in Process (gross profit) twisting Expenses Revenue from Long edge Contracts Billings on twirl in Process Construction in Process 540,000 540,000 1,000,000 1,000,000 900,000 900,000 210,000 540,000 750,000 3,000,000 3,000,000 (c) Prepare a partial relaxation tag for declination 31, 2011, showing the balances in the receivables and inventory accounts. opportunity attach to Balance Sheet (Partial) December 31, 2011 Current assets: Accounts receivable Inventories Construction in Process Less: Billings Costs and recognized...If you urgency to get a full essay, found it on our website: Ordercustompaper.com

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